Analysts at JPMorgan said limited or no risk aversion from institutional investors towards bitcoin futures, despite recent market volatility, had fuelled a rally in the price of bitcoin. Despite the rally, analysts remain cautious about the cryptocurrency market. JPMorgan's futures position indicator, which tracks the cumulative unpositioned squaring of CME bitcoin futures contracts, and the positive slope of the futures curve, indicates that these investors are optimistic about the future, and JPMorgan analysts said that the higher price of bitcoin futures than the spot price indicates that futures investors are confident. Institutional investors remain optimistic for several reasons. Last week, Morgan Stanley allowed its wealth advisor to recommend spot bitcoin exchange-traded funds to some of its clients. In addition, analysts said that the massive liquidation of the Mt. Gox and Genesis bankruptcies may have passed, and the cash payments of the FTX bankruptcy later this year could boost demand in the crypto market. Furthermore, they added that both major political parties in the United States have expressed support for favorable cryptocurrency regulation. However, analysts noted that these positive catalysts have largely been factored in.